Triple Point sees slow rise with room to grow

Revenue and profit at Triple Point Social Housing have lifted over the past six months. The REIT, which focuses on supported housing in the UK, increased its portfolio valuation to £596m over the six months to the end of June, up from £510m for the same period last year and £571.5m in December. Rental income also grew, from £28m a year ago to £33.4m, with operating profit rising from £11.8m to £13.3m over the year. The REIT’s market cap fell over the six-month period, from £449.1m in December to £420.5m. Triple Point said had a further £65m to invest in acquisitions. Chair Chris Phillips said: “With the worst of the pandemic hopefully behind us, we are redoubling our efforts to meet the other challenges that society faces, above all the desperate lack of housing in this country and the looming challenge of climate change.” He added that the REIT was set to continue to improve its performance, “as long as we remain focused on the fundamentals”. The REIT said it will pay an interim dividend of 1.3p per ordinary share on 30 September 2021.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews